SuperCryptoNews

Do Kwon, the co-founder of Terraform Labs, was sentenced Wednesday to 15 years in federal prison for orchestrating one of the largest frauds in crypto history, culminating in the $50 billion collapse of the TerraUSD (UST) ecosystem in May 2022, a report by CoinDesk said.

U.S. District Judge Paul Engelmeyer of the Southern District of New York handed down the sentence, exceeding the 12 years sought by prosecutors and far surpassing the five-year term requested by Kwon’s defense team. Kwon, 33, must serve at least half the term before applying for a prison transfer to South Korea, where he also faces charges.

The sentencing followed an emotional hearing featuring testimony from victims around the world who described how Terra’s implosion upended their lives. Judge Engelmeyer cited the “eye-popping” scale of the fraud, Kwon’s attempts to flee using false passports, and his deceptive public messaging during UST’s final collapse — advising investors to stay put while insiders exited — calling the conduct “despicable.”

Kwon’s online persona also drew the judge’s ire. Engelmeyer pointed to a social media post in which Kwon mocked a critic, saying such comments revealed “who you truly are.”

Prosecutors said Kwon masterminded schemes to mislead investors, inflate Terraform tokens and, after the collapse, launder funds and seek political protection abroad. Kwon pleaded guilty in August to conspiring to commit commodities, securities and wire fraud, and to a separate wire fraud charge, reducing a possible 135-year sentence under a nine-count indictment.

During the hearing, a tearful Kwon accepted responsibility and asked to one day serve his sentence closer to his wife and young daughter in South Korea. The judge expressed sympathy for the child but emphasized the devastation suffered by thousands of victims.

Kwon’s case marked the first major domino in the 2022 crypto crisis, which later engulfed FTX and other major firms, leading to several high-profile convictions across the industry.

Bitcoin rebounded to the $93,000 level on Thursday after briefly sliding to $89,000 in the wake of the U.S. Federal Reserve’s latest interest rate cut and a shaky start for U.S. equities. The world’s largest cryptocurrency was trading marginally higher over the past 24 hours as markets worked to digest the central bank’s move, a report by CoinDesk said.

Altcoins, however, failed to participate in the recovery. Cardano’s ADA and Avalanche’s AVAX led losses, each dropping between 6% and 7%. Ether also retreated, falling 3% but maintaining support above $3,200.

Bitcoin’s intraday bounce aligned with a late-stage turnaround in U.S. stocks. The Nasdaq pared steep early losses to close down just 0.25%, after falling as much as 1.5%. The S&P 500 managed a modest gain, while the Dow Jones Industrial Average climbed 1.3%.

Precious metals outshone both crypto and equities. Silver surged 5% to a record high of $64 per ounce, while gold advanced more than 1% to trade near $4,300. The rally was supported by continued weakness in the U.S. dollar, with the DXY falling to its lowest level since mid-October.

Among crypto-related equities, exchange Gemini posted one of the day’s most notable gains, soaring more than 30% after securing regulatory approval to launch prediction markets in the United States.

Market analysts said the trading session underscored growing divergence between crypto assets and traditional markets. Wintermute strategist Jasper De Maere noted that bitcoin has outperformed the Nasdaq on macro-driven trading days just 18% of the time over the past year, the report added.

“Equities rallied while crypto sold off, indicating the rate cut was already priced in and that marginal easing is no longer supportive,” he said, adding that rising stagflation concerns and the progression of U.S. crypto policy are becoming key market drivers for 2026.

Analytics firm Swissblock said selling pressure on bitcoin appears to be fading. “The second selling wave is weaker than the first,” the firm said, noting early signs of stabilization, though without firm confirmation of a trend reversal.

The Kingdom of Bhutan has announced a major step in its national digital strategy, rolling out TER, a new gold-backed digital token. Issued through the Gelephu Mindfulness City (GMC) and supported by the nation’s sovereign framework, TER is designed to merge the stability of physical gold with the efficiency of modern blockchain technology.

The token, whose name is derived from the Dzongkha word for “Treasure,” is built on the Solana blockchain and fully backed by physical gold reserves. It will be distributed and custodied exclusively by DK Bank, Bhutan’s first licensed digital bank, ensuring a regulated path for investors.

Key Highlights of the Launch

Sovereign-Backed Asset: TER is one of the world’s first national gold-backed tokens issued with explicit sovereign backing, positioning it as a verifiable claim on Bhutan’s audited reserves.

On-Chain Transparency: The token utilizes Solana’s high-speed, low-cost network, allowing for full on-chain transparency, quick settlement, and global mobility—features often lacking in traditional gold markets.

Direct Access: In the initial phase, both domestic and international investors can purchase TER directly through DK Bank, creating a seamless bridge between a regulated financial institution and transparent digital ownership.

A Flagship for Gelephu Mindfulness City

The launch of TER is a flagship project for the Gelephu Mindfulness City, a Special Administrative Region being developed to attract international capital and foster a values-driven digital economy.

Jigdrel Singay, Board Director of GMC, stated that the token is a “foundational step in building a values-driven digital economy rooted in real-world assets and sovereign trust.” The initiative is a core pillar of Bhutan’s broader strategy to diversify its economy through technology and sustainability.

Bhutan’s move follows a growing trend of nations experimenting with tokenized real-world assets (RWAs). It comes shortly after Kyrgyzstan unveiled USDKG, a state-supervised gold-backed stablecoin.

The tokenization of RWAs is rapidly gaining traction in global finance. Recent research from Web3 digital property firm Animoca Brands suggests the tokenization of the nearly $400 trillion traditional finance market represents a vast runway for growth. Separately, the 2025 Skynet RWA Security Report projects the market for tokenized RWAs could swell to $16 trillion by 2030.

The introduction of TER is the latest step in Bhutan’s comprehensive digital evolution. Over the past few years, the Kingdom has actively woven digital assets into its national strategy, including:

Leveraging hydropower to mine Bitcoin.

Deploying a blockchain-based national digital identity system.

Integrating crypto-powered payments in sectors like tourism.

By bridging its traditional asset reserves with cutting-edge blockchain infrastructure, Bhutan aims to establish itself as a unique global model for a digitally enabled, transparent, and sovereign-aligned financial ecosystem.

The New York Stock Exchange (NYSE) on Thursday welcomed a bronze statue dedicated to Satoshi Nakamoto, the pseudonymous creator of Bitcoin, marking one of the most visible celebrations of crypto culture in the heart of global finance, news reports said.

The installation—the sixth in a planned global series of 21 monuments—was spearheaded by Twenty One Capital (NYSE: XXI), the first Bitcoin-native public company to list on the exchange. NYSE officials described the placement as symbolizing a “shared ground between emerging systems and established institutions.”

The symbolic gesture comes as Twenty One Capital navigates significant market volatility. The company, which holds a massive treasury of over 43,500 bitcoins (valued at approximately $3.9 billion), saw its stock tumble 19% during its Tuesday trading debut following a merger with a blank-check company. Shares opened at $10.74, below the SPAC’s closing price of $14.27.

Twenty One CEO Jack Mallers, also the founder of Lightning Network provider Strike, emphasized that the statue reflects Bitcoin’s evolution “from code to cultural phenomenon.” The company is majority-owned by stablecoin giant Tether and crypto exchange Bitfinex, with a minority stake held by SoftBank Group.

The bronze sculpture, titled “Disappearing Satoshi” by Italian artist Valentina Picozzi (Satoshigallery), depicts a seated figure at a laptop that appears to vanish when viewed from different angles, embodying the creator’s anonymity.

“This is such an achievement, even in our wildest dream we wouldn’t think about placing the statue of Satoshi Nakamoto in this location!” Picozzi stated.

The installation follows a setback earlier this year when another Satoshi monument was vandalized and dumped into Lake Lugano, Switzerland, following Swiss National Day celebrations in August. Investigators suspected intoxicated revelers used industrial tools, including tungsten carbide cutting disks, to sever the welded bronze sculpture from its base.

The art collective offered a 0.1 Bitcoin reward (valued around $12,000 at the time) for information leading to its recovery. Other existing monuments in the global campaign stand in Budapest, El Salvador’s Bitcoin Beach, and Tokyo.

The digital asset sector in Malaysia has received a notable impetus following the formal launch of a ringgit-backed stablecoin and a substantial crypto-treasury plan, spearheaded by His Royal Highness Tunku Ismail Ibni Sultan Ibrahim, the Regent of Johor.

The Crown Prince, through his company Bullish Aim Sdn. Bhd., unveiled RMJDT, a ringgit-backed stablecoin issued on Zetrix, the Layer-1 blockchain that powers Malaysia’s national Blockchain Infrastructure.

The rollout occurred under the supervision of the country’s regulatory sandbox, which is jointly overseen by the Securities Commission and Bank Negara Malaysia (BNM) to facilitate the testing of financial innovations.

The RMJDT stablecoin is intended to bolster the ringgit’s role in cross-border settlements and attract foreign direct investment, aligning with Malaysia’s push toward tokenization and digital asset modernization.

Alongside the stablecoin launch, Bullish Aim confirmed the establishment of a Digital Asset Treasury Company. This treasury will be initiated with 500 million ringgit (approximately $121 million) in Zetrix tokens, with plans to expand the reserve to one billion ringgit over time.

The Regent of Johor stated the treasury is necessary to ensure predictable operations, supporting up to 10% of validator nodes within the national blockchain and stabilizing gas fees for RMJDT transactions.

This strategy draws inspiration from large corporate crypto treasuries, notably the approach pioneered by Strategy, which has acquired hundreds of thousands of Bitcoin since 2020.

Timing Amid Global Slowdown

The launch places Johor’s initiative within a regional trend of increasing digital asset adoption, even as the global corporate crypto treasury sector shows signs of fatigue.

Regional Activity: Malaysia has seen several recent digital asset treasury announcements, including VCI Global’s plan to acquire $100 million worth of tokens to fold into its AI and fintech platforms.

Regulatory Reform: Regulators in Malaysia are accelerating reforms to support a more active ecosystem, with the Securities Commission proposing rule overhauls to allow certain tokens to be listed without prior approval.

Global Concerns: Data from DefiLlama indicates corporate crypto treasury inflows recorded their slowest month of the year in November, falling sharply from earlier peaks. Market analysts have described the sector as entering a “Darwinian phase,” with some treasury-backed stocks trading at deep discounts.

Despite these global concerns, the Crown Prince emphasized that the initiative aligns with Johor’s effort to follow the country’s Digital Asset National Policy, which encourages real-world asset tokenization and experiments in supply-chain finance.

Strive, Inc., the Nasdaq-listed structured finance company with a significant Bitcoin (BTC) treasury, announced on Tuesday the launch of a new $500 million at-the-market (ATM) offering of its Variable Rate Series A Perpetual Preferred Stock (SATA). The move is designed to provide Strive with flexible capital, with a primary use being the acquisition of more Bitcoin to expand its already substantial holdings.

Key Details of the Offering

Security: Variable Rate Series A Perpetual Preferred Stock (SATA).

Size: Up to $500 million in aggregate offering price.

Structure: At-The-Market (ATM) Offering. This flexible structure allows Strive and its agents—Cantor Fitzgerald, Barclays, and Clear Street—to sell shares directly onto the Nasdaq Global Market at prevailing prices over a period of time, rather than in one large, fixed-price transaction.

Dividend Rate: The stock has an initial annual dividend rate of 12.00%, payable monthly, with the company reserving the right to adjust the variable rate in the future.

Use of Proceeds: Strive confirmed the proceeds will be used for general corporate purposes, “including acquiring more Bitcoin,” according to a post on social media platform X.

Building on the Bitcoin Treasury

The ATM program follows the successful initial public offering (IPO) of the SATA stock in November, which was upsized to 2 million shares, closing at a price of $80 per share.

Strive, co-founded by entrepreneur Vivek Ramaswamy, positions itself as the first publicly traded asset management Bitcoin treasury company. Its stated long-term goal is to increase its BTC-per-share metric, aiming to eventually outperform Bitcoin itself.

As of November 7, Strive reported holding 7,525 BTC in its treasury.

The new ATM offering underscores a growing trend among publicly traded companies to strategically utilize equity financing to build and fund corporate Bitcoin reserves.

HashKey Group, the operator of one of Hong Kong’s first licensed cryptocurrency exchanges, has officially opened subscriptions for its Initial Public Offering (IPO) in Hong Kong, aiming to raise up to HK$1.67 billion (approximately $215 million).

The listing is being closely watched as a critical test for Hong Kong’s ambition to become a regulated global hub for digital assets. The offering is backed by major institutional investors, including UBS’s asset-management arm and Fidelity International, who have committed a combined $75 million as cornerstone investors.

The company is offering just over 240 million shares priced between HK$5.95 and HK$6.95. At the top of that range, the listing would value HashKey at nearly HK$19 billion (approximately $2.47 billion).

The strong commitment from global financial giants like UBS and Fidelity, alongside Infini Capital, is seen as a significant vote of confidence in HashKey’s regulated model and in Hong Kong’s digital asset strategy, despite continued market volatility.

The subscription period is open through Friday, with shares expected to begin trading on the Hong Kong Stock Exchange on December 17. JPMorgan Chase and Guotai Junan are serving as joint sponsors for the deal.

HashKey was one of the first firms to receive a license under Hong Kong’s digital asset framework, which was introduced in 2022. The IPO proceeds are earmarked to scale the company’s technology infrastructure, expand its regulated ecosystem—which includes asset management, venture investments, and on-chain services—and solidify its position as the gateway between traditional finance and Web3 in Asia.

The listing arrives as Hong Kong actively advances policies on stablecoins and tokenized securities. A successful debut for HashKey is expected to set a precedent for other Web3 companies seeking to access public capital markets under the city’s strict regulatory regime, further bolstering Hong Kong’s role as a major financial bridge for the digital asset economy.

Tether’s flagship stablecoin, USDT, has received a major regulatory endorsement in the Middle East, securing recognition as an Accepted Fiat-Referenced Token (AFRT) across numerous major blockchains within the Abu Dhabi Global Market (ADGM).

The move, announced by Tether on Monday, significantly expands the token’s operational scope within the UAE’s international financial center. The ADGM Financial Services Regulatory Authority (FSRA) now permits licensed institutions within the zone to conduct regulated activities involving USDT on an array of new networks, including Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and TRON.

This approval builds on earlier regulatory recognition for USDT issued on Ethereum, Solana, and Avalanche, establishing a multi-chain foundation intended to enhance liquidity, interoperability, and utility for trading and decentralized finance (DeFi) within the ADGM.

Paolo Ardoino, CEO of Tether, stated that the recognition “reinforces the role of stablecoins as essential components of today’s financial landscape” and “further strengthens Abu Dhabi’s position as a global hub for compliant digital finance.”

The ADGM, which operates under its own legal and regulatory framework as a special economic zone, is aggressively positioning itself as a leader in digital asset regulation.

The recognition for Tether comes on the heels of another major announcement from the crypto industry: Binance has secured full authorization to operate its global platform, Binance.com, under the ADGM framework.

Binance’s approval covers three separately licensed entities—an exchange, a clearing house, and a broker-dealer—mirroring traditional financial-market architecture and bringing its core global operations under the ADGM’s “gold standard” regulatory framework.

Binance Co-CEO Richard Teng praised the ADGM for its comprehensive standards, adding that the license provides “regulatory clarity and legitimacy” for the exchange’s global operations. Subject to final preparations, Binance.com is set to begin its ADGM-regulated activities on January 5, 2026.

Both Tether’s multi-chain expansion and Binance’s full authorization underscore Abu Dhabi’s strategic effort to become a leading global center for regulated digital finance and institutional crypto adoption.

The euro-denominated stablecoin market has undergone a remarkable transformation in the year since the European Union’s landmark Markets in Crypto-Assets Regulation (MiCA) took effect in June 2024, nearly doubling in size to reach approximately $680 million in market capitalization.

The sharp rebound reverses a previous 48% market contraction and signals surging confidence among issuers and users following the implementation of clearer regulatory standards.

According to the Euro Stablecoin Trends Report 2025 by Decta, the sector’s market capitalization surged past $500 million by May 2025, largely attributed to MiCA’s rules on standardized reserves, custody, and public disclosures for stablecoin issuers.

While the current $680 million market cap (per CoinGecko) remains tiny compared to the nearly $300 billion US dollar stablecoin market, its growth rate has been explosive, outpacing the broader stablecoin market’s 26% growth over the same period.

Market Concentration: Growth has been primarily driven by major, regulated issuers. Stasis’ EURS saw the most significant expansion, soaring 644% to $283.9 million as of October 2025.

Key Players: Circle’s EURC and Societe Generale’s EURCV also posted meaningful increases, capitalizing on the regulatory clarity.

Surging Activity: Monthly transaction volume for euro stablecoins jumped nearly ninefold after MiCA implementation, reaching $3.83 billion. EURC and EURCV led this surge, with volumes climbing 1,139% and 343% respectively, fueled by use in cross-border payments and crypto trading pairs.

The regulatory shift is also generating increased public awareness, with Decta recording sharp spikes in search activity for euro stablecoins across the EU, including a 400% jump in Finland.

Robinhood Markets, Inc. announced on December 7 its definitive agreements to acquire an Indonesian brokerage firm and a licensed digital asset trader, marking a significant entry into one of Southeast Asia’s fastest-growing retail investment markets.

The U.S. trading giant has agreed to purchase PT Buana Capital Sekuritas, a local brokerage, and PT Pedagang Aset Kripto, a regulated digital financial asset trader. The move provides Robinhood with an immediate, dual regulatory advantage in a country with over 19 million capital market investors and 17 million crypto users.

Robinhood’s Head of Asia, Patrick Chan, stated that Indonesia’s rapid growth in trading activity makes it a “natural fit” for the company’s mission to democratize finance. The acquisition secures both a brokerage license and a crypto trading license, positioning Robinhood to expand swiftly across stocks and digital assets.

The seller, Pieter Tanuri, who is the majority owner of both acquired entities, will remain involved as a strategic advisor.

Immediate Plans: Following the expected close, Robinhood will continue Buana Capital’s existing brokerage services, offering Indonesian financial products.

Long-Term Goal: The ultimate aim is to offer Indonesian customers access to U.S. equities, cryptocurrencies, and other products through Robinhood’s global platform at scale.

The transactions are subject to customary closing conditions, including approvals from the Indonesian Financial Services Authority (OJK), and are expected to be finalized in the first half of 2026.

Indonesia is a highly sought-after target for digital finance firms, driven by its large, young, and mobile-first population, which has embraced crypto adoption, with the country ranking as a top global crypto market.

This expansion aligns with Robinhood’s broader global and crypto strategies, which recently saw the company complete its acquisition of global crypto exchange Bitstamp. Robinhood has also recently focused on product acceleration, including launching its custom layer-2 network on Arbitrum (ARB), which enables 24/7 trading of tokenized U.S. stocks and ETFs, and expanding its controversial prediction markets (event contracts) through a partnership with Kalshi.

Meta Platforms (META) is reportedly planning substantial budget cuts, including potential layoffs, within its Reality Labs division, signaling a further pull-back from the metaverse vision the company once championed.

According to a report from Bloomberg citing sources familiar with the discussions, executives are deliberating budget reductions of up to 30% for the company’s metaverse division in 2026. This unit includes its social virtual reality (VR) platform, Horizon Worlds, and the Quest headset product line.

The reported cuts go deeper than the standard 10% cost-saving targets reportedly requested by CEO Mark Zuckerberg across all departments. The deeper reduction is attributed, in part, to the broader tech industry’s slow adoption of the fully immersive metaverse concept Meta had anticipated.

The largest reductions are expected to hit the virtual reality group, which accounts for the majority of the company’s metaverse-related spending, with Horizon Worlds also facing likely decreases.

Meta rebranded from Facebook to Meta in 2021, betting its future and billions of dollars on the metaverse, which Zuckerberg termed the “next frontier” of computing. However, user adoption has fallen significantly short of expectations.

The Reality Labs division, which houses the metaverse group, has accumulated over $70 billion in losses since the start of 2021, according to the Bloomberg report.

This strategic reappraisal comes as the tech industry’s focus shifts: Apple has pivoted toward “spatial computing” with its Vision Pro headset, Microsoft has scaled back its mixed-reality ambitions, and the competition for artificial intelligence (AI) dominance has become the new industry battleground.

A new cross-chain bridge connecting the Coinbase-incubated Ethereum Layer 2, Base, and the Solana blockchain is now live on mainnet. The integration provides a direct route for users and developers to transfer assets between the two high-profile ecosystems, a report by CoinDesk said.

The Base-Solana bridge is secured by Chainlink’s industry-standard Cross-Chain Interoperability Protocol (CCIP) in partnership with Coinbase. Its launch enables the trading and usage of Solana-based tokens—including SOL and other SPL assets—on decentralized applications (dApps) built on the Base network.

For users, this means they can now deposit Solana tokens directly into Base-based dApps and immediately begin trading or interacting with them without needing to move capital back to a centralized exchange or traditional intermediary.

For developers on Base, the bridge significantly expands the utility of their applications by giving them the ability to natively support and utilize Solana assets within their own environments.

Johann Eid, Chief Business Officer at Chainlink Labs, highlighted the strategic importance of the infrastructure. “By leveraging Chainlink CCIP as the cross-chain infrastructure securing the Base-Solana Bridge, Base enables developers to build the most secure cross-chain applications and move the industry toward a reliable interoperability standard that is adopted by the largest financial institutions in the world,” Eid stated.

He added, “This is how onchain finance scales to securely support global markets and the hundreds of trillions in value they represent.”

Early adopters integrating the new cross-chain capability include applications such as Zora, Aerodrome, Virtuals, Flaunch, and Relay.

The bridge, which is open-source and available on GitHub, represents a key step toward realizing a broader vision of interconnected blockchains and establishing “always-on” capital markets. Solana is the first major chain to be linked to Base in this manner, with further connections expected to follow.

Binance, the world’s largest cryptocurrency exchange, has announced a major restructuring of its leadership, appointing co-founder Yi He as its new Co-Chief Executive Officer. She will serve alongside current CEO Richard Teng, marking the biggest change to the executive structure since Teng took the helm from Changpeng “CZ” Zhao in November 2023 following U.S. enforcement actions.

The news was announced by Teng on Wednesday during Binance Blockchain Week in Dubai, as the company celebrated approaching a milestone of 300 million global users.

Yi He has been an integral part of Binance since its inception in 2017, having previously served as Chief Customer Service Officer and leading the exchange’s marketing, branding, and venture arm, Binance Labs.

CEO Richard Teng described the appointment as a “natural progression,” stating in an official statement:

“Yi has been an integral part of the executive leadership team since the launch of Binance. Her innovative and user-focused approach has been instrumental in shaping the company’s vision, culture, and bottom-up business strategy.”

Yi He emphasized the complementary nature of the new joint leadership:

“I am honored to build alongside Richard, who brings decades of experience in regulated financial markets and was among the first to regulate crypto in its early days. Together, we bring diverse perspectives and are confident in leading the future of the industry during this pivotal time, as we responsibly expand our global presence and drive sustainable innovation with our users always at the center.”

Former CEO and co-founder Changpeng “CZ” Zhao, who stepped down last year after pleading guilty to violating U.S. anti-money laundering laws, offered his congratulations on social media platform X.

“[Yi He] should have been the Binance CEO from day 1,” Zhao posted. “Great journey ahead with two strong leaders (with complementary skills) leading Binance.”

The co-founders have a long-standing personal and professional relationship, dating back to their days at the crypto exchange OKCoin.

 

Bitcoin surged back above the $93,000 level, marking its highest price in two weeks. The rebound is driven by a combination of institutional news flow and a “short squeeze” that lifted market sentiment ahead of next week’s pivotal Federal Reserve meeting.

Despite the recent rally—which saw BTC jump approximately 8% since Monday’s lows—traders and analysts caution that the market remains in a “wait-and-see” mode rather than beginning a sustained new upward trend.

The broader crypto market followed Bitcoin’s lead, with the total market capitalization climbing to around $3.2 trillion. Ether (ETH) reclaimed $3,000 on optimism surrounding the upcoming Fusaka upgrade, while major altcoins like Solana (SOL) and BNB also saw broad gains.

This short squeeze coincided with sustained investor interest in U.S. spot Bitcoin ETFs, which recorded approximately $58.5 million in net inflows on December 2, marking the fifth consecutive day of positive flows. Solana-related products also saw strong inflows, taking in $45.8 million over the same period.

The influx of capital comes as large traditional finance firms begin integrating digital assets more deeply. Vanguard has reversed its long-standing stance, moving to allow clients to trade funds that hold crypto, including Bitcoin, XRP, and Solana.

Bank of America has reportedly issued internal guidance for Merrill and Private Bank clients suggesting a crypto allocation of 1% to 4%. The bank is also set to begin CIO coverage of four spot Bitcoin ETFs, including BlackRock’s IBIT, early next year.

Underneath the bullish action, the macro environment remains the key factor. QCP Capital noted that the markets are “calm on the surface, tense underneath,” with Bitcoin consolidating ahead of the Federal Open Market Committee (FOMC) meeting on December 10.

BitMine Immersion Technologies (BMNR) has aggressively accelerated its Ethereum ($ETH) accumulation, cementing its position as the largest corporate holder of the altcoin despite a protracted market downturn.

On-chain data confirms the firm’s latest move, showing a wallet linked to BitMine acquiring 7,080 ETH for approximately $19.8 million on Monday. This follows a major weekend haul of 16,693 ETH for roughly $50.1 million, bringing the total three-day accumulation to over 23,700 ETH, valued at around $70 million.

The acquisitions boost BitMine’s total Ethereum treasury to over 3.7 million ETH, which the company states accounts for more than 3% of Ethereum’s total circulating supply.

Strategic Bet Against Volatility

The aggressive buying spree comes as the price of Ethereum has struggled, falling nearly 30% over the last 30 days amid a risk-averse market weighed down by macro uncertainty and outflows from Ethereum ETFs.

However, BitMine Chairman Tom Lee defended the company’s counter-cyclical strategy, viewing the current volatility as a buying opportunity.

“Collectively, we see these [upcoming catalysts] acting as positive tailwinds for ETH prices, and thus, we stepped up our weekly purchases of ETH by 39%,” Lee said in a recent press release.

BitMine is reportedly 63% of the way toward its long-term goal of holding 5% of Ethereum’s total supply. The firm cited key anticipated catalysts, including the Fusaka network upgrade and potential Federal Reserve rate cuts, as drivers for its continued conviction.

Focus on Staking Infrastructure

Beyond its treasury strategy, BitMine is actively building its staking infrastructure. The company confirmed it is progressing on the launch of its “Made in America Validator Network (MAVAN)”—a compliant staking solution designed for large institutions—which is expected to be deployed in early 2026.

South Korea’s ruling Democratic Party has ramped up pressure on financial authorities, issuing an ultimatum to the Financial Services Commission (FSC) to accelerate legislation governing the domestic stablecoin market.

According to a Monday report from Maeil Economic News, the ruling party has set a final deadline of December 10 for the FSC to submit a comprehensive government proposal on stablecoin regulation.

Kang Jun-hyeon, a ruling party lawmaker and secretary on the National Assembly’s Financial Services Committee, confirmed the aggressive timeline. “If the government plan doesn’t come by this deadline, I will drive it forward through a legislator-initiated bill at the committee secretary level,” Kang reportedly stated.

The party’s goal is to introduce and pass the stablecoin bill during the current regular session of the National Assembly, targeting a January passage.

The urgency follows President Lee Jae Myung’s initiative to develop a Korean won-stablecoin market, which aims to protect the nation’s “monetary sovereignty.”

During a closed-door meeting on Monday between ruling party committee members and the FSC, discussions centered on a model that would allow the Bank of Korea, the FSC, and the banking sector to form a consortium for stablecoin issuance. This model reflects the central bank’s firm stance that only regulated banks should be allowed to issue stablecoins.

Talks advanced to specific requirements, including mandating that banks collectively hold over 50% of the shares in the consortium. However, the FSC later noted in a separate release that no definite agreement was reached during the meeting. Legislative efforts on this key initiative have yet to make meaningful progress, prompting the ruling party’s latest, forceful push.

Ripple Labs has received a significant regulatory green light from the Monetary Authority of Singapore (MAS) to expand the scope of its payment services, further solidifying its strategy to deepen its institutional footprint across the Asia-Pacific (APAC) region.

Ripple’s local unit, Ripple Markets APAC, announced on Monday that it has secured approval under its existing Major Payment Institution (MPI) license to broaden its regulated payment activities. The decision enables the firm to offer an extended range of services to banks and corporations within Singapore’s tightly regulated financial market.

The expanded license is crucial for Ripple as it seeks to build infrastructure for faster, more secure, and cheaper cross-border transactions.

Ripple Payments, the firm’s core system, connects clients to various on- and off-ramps for collections, custody, currency conversion, and payouts. This system utilizes digital payment tokens, including RLUSD (Ripple’s dollar-backed stablecoin) and XRP, to settle international transactions, aiming to cut both processing times and fees for corporate users.

“The broader license sets the foundation for further investment and helps us build infrastructure for financial institutions seeking faster and more secure cross-border payments,” said Monica Long, Ripple President.

The regulatory milestone arrives as the APAC region experiences significant acceleration in digital asset adoption. Fiona Murray, Ripple’s APAC Head, noted that on-chain activity in the region has climbed approximately 70% year-over-year, with Singapore serving as a “center of that growth.”

The expanded permissions will allow Ripple to deliver regulated services directly to the institutions driving this regional surge.

Ripple first secured its MPI license in Singapore in 2023 for digital token services, having established a presence in the city-state since 2017. The latest update significantly widens its operating capacity beyond those initial functions.

 

Japan is preparing its most significant policy update for the cryptocurrency sector in years, moving to overhaul its tax treatment of digital asset gains by proposing a flat 20% levy, according to a report by Nikkei.

The landmark proposal, backed by the government and the ruling coalition, aims to align crypto profits with the tax framework currently applied to equities and investment trusts. If adopted, it would represent a substantial reduction from the current progressive rates that can reach as high as 55% for retail investors.

The shift reflects a growing view among Japanese regulators that cryptocurrencies have matured into a mainstream investment class. Under the proposal, crypto profits would be moved under Japan’s separate-taxation framework, treating them independently from wages and business earnings.

The 20% tax would be split between the national government (15%) and regional authorities (5%). This move is expected to significantly ease the financial burden on domestic traders, which has long been cited as a major deterrent to market activity.

The new policy is anticipated to be included in the 2026 tax reform package, which is typically finalized by the end of December.

The tax relief proposal comes amid steady growth in the country’s regulated crypto market. The Japan Virtual and Crypto Assets Exchange Association recently reported that spot trading volumes on local exchanges surpassed $9.6 billion in September, demonstrating the market’s growing domestic appetite despite the current high tax ceiling.

This major regulatory move is expected to boost participation and further legitimize the digital asset sector within Japan’s financial landscape.

Animoca Brands, a leading venture capital firm in the crypto and Web3 space, is preparing to significantly broaden its focus in the coming year, concentrating on stablecoin issuance and real-world asset (RWA) tokenization, according to Chief Strategy Officer Keyvan Peymani.

“We’re going to launch into the stablecoin initiative in a major way. We’re launching this RWA marketplace,” Peymani stated in a recent interview with CNBC, describing the move as a “whole new sector” for the company.

The strategic pivot comes amid several high-profile deals designed to bridge traditional finance with the Web3 ecosystem. In August, Animoca officially announced a joint venture in Hong Kong named Anchorpoint Financial with Standard Chartered and Hong Kong Telecommunications. The JV plans to apply for a stablecoin issuer license with local authorities. The firm has forged partnerships to drive RWA tokenization, including a collaboration with global wealth manager Fosun Wealth and blockchain finance firm FinChain to distribute Fosun’s RWA products to global investors.

Earlier this month, Animoca partnered with Nasdaq-listed asset manager Hang Feng Technology Innovation Co. to develop an RWA tokenization ecosystem. Animoca Brands Group President Evan Auyang noted at the time that this will “make institutional-grade assets much more liquid and accessible as a necessary step toward a more inclusive on-chain financial system.”

Nasdaq IPO Plan Underway

The shift in strategic focus aligns with the company’s plan to go public on the Nasdaq next year. The listing is expected to be achieved through a reverse merger with Currenc Group Inc., a Singapore-based fintech company focused on artificial intelligence.

Should the merger complete, Animoca would assume the Nasdaq listing, with its current shareholders owning the vast majority of the combined entity. This move would grant Animoca’s extensive portfolio of digital assets direct access to U.S. investors, joining a growing list of crypto firms like Coinbase and Circle that have gone public in the U.S.

Peymani framed the move as an opportunity for investors to gain diversified exposure to the sector: “We think we’re one of those opportunities for someone to gain broad access to what is a really exciting growing market… What we aim to do is whenever there’s something interesting and exciting happening… we’re gonna become one of the market leaders.”

While embracing new sectors, Peymani confirmed that Animoca will also continue to expand its roots in gaming and in-house projects, including The Sandbox, Moca ID, and Anichess, reaffirming its “very bullish” outlook on the future of Web3 gaming.

South Korean authorities are investigating the possibility that the Lazarus Group, a notorious hacking unit linked to North Korea, is behind the recent multi-million-dollar breach at the local cryptocurrency exchange Upbit, according to a report from Yonhap News.

On Thursday, Upbit, South Korea’s largest digital asset exchange, was forced to suspend deposits and withdrawals after detecting suspicious activity involving Solana network tokens. The exchange later confirmed a significant security breach, reporting the unauthorized withdrawal of approximately 54 billion Korean won (around $36–$37 million) from one of its hot wallets. This marks the second major hot wallet security incident for the exchange in six years.

The investigation is focusing on whether the attackers in the 2025 Upbit hack used methods consistent with Lazarus Group operations, specifically the hijacking or impersonation of admin credentials, a tactic reportedly used in the exchange’s 2019 breach.

Security experts suggest there is a high probability that the theft was orchestrated by North Korea, which is facing severe foreign currency shortages. Further supporting the suspicion, the stolen funds were reportedly laundered using mixing techniques, a method commonly associated with the Lazarus Group.

Adding to the speculation, the hack occurred on November 27, the same day Upbit’s parent company, Dunamu, announced a major corporate merger with South Korean tech giant Naver.

“Hackers tend to have a strong desire to show off,” a security expert told Yonhap. “It is possible that they chose the 27th as the hacking date because they wanted to show off by choosing the day of the merger.”